ANNUAL FINANCIAL REPORT For the Year Ended · 2021. 2. 16. · Governmental Funds ... Expenditures...

PLEASANT DALE PARK DISTRICT

BURR RIDGE, ILLINOIS

ANNUAL FINANCIAL REPORT

For the Year Ended

April 30, 2016



TABLE OF CONTENTS

Page(s)

INDEPENDENT AUDITOR’S REPORT ..................................................................... 1-3

MANAGEMENT’S DISCUSSION AND ANALYSIS ................................................ MD&A 1-6

GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS

Basic Financial Statements

Government-Wide Financial Statements

Statement of Net Position ................................................................................ 4

Statement of Activities .................................................................................... 5

Fund Financial Statements

Governmental Funds

Balance Sheet .............................................................................................. 6

Reconciliation of Fund Balances of Governmental Funds to

the Governmental Activities in the Statement of Net Position ................. 7

Statement of Revenues, Expenditures and Changes in Fund Balances ...... 8

Reconciliation of the Governmental Funds Statement of Revenues,

Expenditures and Changes in Fund Balances to the Governmental

Activities in the Statement of Activities ................................................... 9

Notes to Financial Statements .............................................................................. 10-31

Required Supplementary Information

Schedule of Revenues, Expenditures and Changes in

Fund Balance - Budget and Actual

General Fund ................................................................................................... 32

Special Recreation Fund .................................................................................. 33

Illinois Municipal Retirement Fund

Schedule of Employer Contributions .............................................................. 34

Schedule of Changes in the Employer’s Net Pension Liability

and Related Ratios ......................................................................................... 35

Notes to Required Supplementary Information .................................................... 36



TABLE OF CONTENTS (Continued)

Page(s)

COMBINING AND INDIVIDUAL FUND FINANCIAL

STATEMENTS AND SCHEDULES

MAJOR GOVERNMENTAL FUNDS

Schedule of Expenditures - Budget and Actual

General Fund ................................................................................................... 37-38


Fund Balances - Budget and Actual

Debt Service Fund ........................................................................................... 39

NONMAJOR GOVERNMENTAL FUND

Nonmajor Special Revenue Fund


Fund Balance - Budget and Actual

Land/Cash Donation Fund .......................................................................... 40

SUPPLEMENTAL DATA

Ten Year Summary of Assessed Valuations, Tax Rates,

Extensions and Collections ..................................................................................... 41

Schedule of Long-Term Debt Requirements

General Obligation Alternate Revenue Source

Refunding Park Bonds, Series 2014A ................................................................ 42

General Obligation Alternate Revenue Source

Refunding Park Bonds, Series 2014B ................................................................ 43

General Obligation Bonds Limited Bonds, Series 2015 ...................................... 44

- 1 -

INDEPENDENT AUDITOR’S REPORT

The Honorable Director Members of the Board of Park Commissioners Pleasant Dale Park District Burr Ridge, Illinois We have audited the accompanying financial statements of the governmental activities, each major fund and the aggregate remaining fund information of the Pleasant Dale Park District, Burr Ridge, Illinois (the District), as of and for the year ended April 30, 2016, and the related notes to financial statements which collectively comprise the District’s basic financial statements as listed in the table of contents. Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility

Our responsibility is to express opinions on these financial statements based on our audit. We did not audit the financial statements of the Flagg Creek Golf Course, which represents 23% and 46% of the assets and net position, respectively, of the governmental activities. Those statements were audited by other auditors whose report has been furnished to us, and our opinion, insofar as it relates to the amounts included for the Flagg Creek Golf Course, is based solely on the report of the other auditors. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal controls relevant to the District’s preparation and fair presentation of the financial

- 1 -

- 1 -

statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the District’s internal controls. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Opinions

In our opinion, based on our audit and the report of other auditors, the basic financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund and the aggregate remaining fund information of the Pleasant Dale Park District, Burr Ridge, Illinois as of April 30, 2016, and the respective changes in financial position for the year then ended, in conformity with accounting principles generally accepted in the United States of America. Change in Accounting Principle As described in Note 11, the District adopted GASB Statement No. 68, Accounting and

Financial Reporting for Pensions - an amendment of GASB Statement No. 27, and GASB Statement No. 71, Pension Transition for Contributions Made Subsequent to the Measurement

Date, which established standards for measuring and recognizing liabilities, deferred inflows and outflows of resources and expenses, modified certain disclosures in the notes to the financial statements and the required supplementary information. Our opinion is not modified with respect to this matter. Other Matters Required Supplementary Information

Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and the other required supplementary information be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

- 2 -

- 2 -

Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the District’s basic financial statements taken as a whole. The combining and individual fund financial statements and schedules and supplemental data are presented for purposes of additional analysis and are not a required part of the basic financial statements. The combining and individual fund financial statements and schedules are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the basic financial statements as a whole. The supplemental data has not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we do not express an opinion or provide any assurance on them.

Naperville, Illinois October 12, 2016

- 3 -

GENERAL PURPOSE EXTERNAL

FINANCIAL STATEMENTS

MD&A 1

Pleasant Dale Park District

Management’s Discussion and Analysis

April 30, 2016

The discussion and analysis of Pleasant Dale Park District’s (the “District”) financial performance

provides an overall review of the District’s financial activities for the year ended April 30, 2016.

The management of the District encourages readers to consider the information presented herein in

conjunction with the basic financial statements to enhance their understanding of the District’s

financial performance. Certain comparative information between the current year and the prior

year is required to be presented in the Management’s Discussion and Analysis (the “MD&A”).

FINANCIAL HIGHLIGHTS

The District’s net position increased by $702,608 or 9% from the prior year reported.

The governmental tax revenues decreased by $20,807 or 0% from the prior year.

The governmental program expenses increased by $188,767 or 12% from the prior year.

The District’s bond debt decreased by $265,000 during the current year to $5,800,000.

OVERVIEW OF THE FINANCIAL STATEMENTS

This discussion and analysis is intended to serve as an introduction to the District’s basic financial

statements. The District’s basic financial statements are comprised of three components: (1)

Government-wide financial statements, (2) fund financial statements, and (3) notes to the financial

statements. This report also contains other supplementary information in addition to the basic

financial statements.

USING THIS ANNUAL REPORT

The financial statement’s focus is on the District as a whole and on the major individual funds.

Both perspectives allow the readers to address relevant questions, broaden the basis for

comparison and enhance the reader’s understanding of the statements.

Government-wide financial statements

The District’s annual report includes two government-wide financial statements. These statements

provide both long term and short term information about the District’s overall status. Financial

reporting at this level uses a perspective similar to that found in the private sector with its basis in

full accrual accounting and elimination of reclassification of internal activities.

The first of these government-wide statements is the Statement of Net Position. This is the

District-wide statement of financial position presenting information that includes all the District’s

assets, deferred outflows of activities, liabilities, deferred inflows of resources with assets and

deferred outflows of resources less liabilities and deferred inflows of resources reported as net

position. Over time, increases or decreases in net position may serve as a useful indicator of

whether the financial position of the District is improving or deteriorating. Evaluation of the

overall health of the District would extend to other non-financial factors such as diversification of

the taxpayer base in addition to the financial information provided in this report.

MD&A 2

The second government-wide statement is the Statement of Activities which reports how the District’s net position changed during the current fiscal year. All current year revenues and expenses are included regardless of when the cash was received or paid. All current year revenues and expenses are included regardless of when the cash was received or paid. An important purpose of the design of the statement of activities is to show the financial reliance on the District’s distinct activities or functions on revenues provided by the District’s taxpayers. Both government-wide financial statements distinguish governmental activities of the District that are principally supported by taxes and intergovernmental revenues. Governmental activities include general government and parks and recreation. Fund Financial Statements A fund is an accountability unit used to maintain control over resources segregated for specific activities or objectives. The District used funds to ensure and demonstrate compliance with finance related laws and regulations. Within the basic financial statements, fund financial statements focus on the District’s most significant funds, rather than the District as a whole. Major funds are separately reported, while others are combined into a single, aggregated presentation. Individual fund data for non-major funds is provided in the form of combining schedules in a later section of this report. Notes to the Financial Statements The notes provide additional information that is essential to a full understanding of the information provided in the government-wide and fund financial statements. The notes to the financial statements are located directly after the financial statements. Other Information In addition to the basic financial statements this report also includes certain required supplementary information related to budgetary information. Non-major fund information can be found immediately following the required supplementary information.

FINANCIAL ANALYSIS OF DISTRICT AS A WHOLE

The District’s net position increased from the prior year total of $7,499,949 to the current year

total of $8,202,557 by $702,607.

Statement of Net Position

The following chart reflects the condensed Statement of Net Position:

MD&A 3

Statement of Net Position (Continued)

STATEMENT OF NET POSITION

AS OF APRIL 30

Governmental

Activities

2016 2015

Assets

Current and other assets $6,134,808 $5,415,985

Capital assets 9,529,982 9,613,859

Deferred outflows 552,967 369,821

Total assets and deferred

outflows

16,217,757

15,399,665

Liabilities

Current liabilities 134,486 46,035

Non-current liabilities 6,780,815 6,496,903

Deferred inflows 1,099,899 1,060,351

Total liabilities and

deferred inflows

8,015,201

7,674,289

Net Position

Invested in capital assets,

net of debt

478,053 64,083

Restricted for

Capital improvements 6,581 382,769

Debt service - -

Special recreation 1,429,521 1,428,152

Unrestricted 6,288,402 5,850,372

Total net position $8,202,557 $7,725,376

MD&A 4

Statement of Changes in Net Position

Governmental activities are separated by functional area for both revenues and expenses. Revenues

are broadly categorized by type while expenses are reported by one of the following functional

areas: Program and General.

STATEMENT OF CHANGES IN NET POSITION

FOR THE FISCAL YEAR ENDING APRIL 30

Governmental

Activities

2016 2015

Revenues

Program Revenues:

Charges for services $ 510,118 $ 459,438

General Revenues:

Taxes 2,140,725 2,161,532

Investment income 3,857 1,202

Donations and miscellaneous 37,153 140,777

Total revenues 2,691,853 2,762,949

Expenses:

Program Expenses:

Parks and recreation 1,649,826 1,461,059

Investment in joint venture 115,957 75,265

Interest and fiscal charges 223,462 52,378

Total expense 1,989,245 1,588,702

Change in Net Position 702,608 1,174,248

Net Change in Net Position

Net Position, May 1, Restated*** 7,499,949 6,551,128

Net Position, April 30 $8,202,557 $7,725,376

The District’s program revenue increased $50,680, from $459,438 to $510,118. Total

governmental revenues decreased by $71,096, from $2,762,949 to $2,691,853.

The District’s governmental activities tax revenue decreased by $20,807 from $2,161,532 to

$2,140,725.

The District’s governmental activities expenses increased $400,544 from $1,588,702 to

$1,989,245.

MD&A 5

Financial Analysis of the District’s Funds

As discussed, governmental funds are reported in the fund statement with the focus on short-term

inflows and outflows of spendable resources. This information is useful in assessing resources

available at the end of the year in comparison with upcoming financing requirements.

Governmental funds reported ending fund balances of $4,984,298 as a year-end total which

includes $3,302,500 in unrestricted, and $1,681,798 in restricted. The restricted fund balance

consists of amounts required to be set aside for specific purposes.

General Fund Budgetary Highlights

The District adopts an annual modified accrual basis budget for each fiscal year. All departments

submit funding requests to the Executive Director and Finance Director for input during the budget

process. The budget is prepared by fund, function, and activity, while budgetary reporting includes

information on the prior fiscal year actuals, current year projections, and budget requests for the

subsequent fiscal year. The proposed budget is presented to the District Board for review, at which

time public hearings are held and the budget is then adopted. Provided below is a condensed

budget and actual comparison for the General Fund. A condensed summary of the General Fund

budget to actual variances follows:

CONDENSED SCHEDULE OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCE

BUDGET AND ACTUAL, YEAR ENDED APRIL 30, 2016

Actual to

Original Budget

Fund Budget Actual Variance

General Fund

Revenues $1,984,325 $1,924,312 $(60,013)

Expenditures 1,793,775 1,352,933 (440,842)

Excess/(Deficiency) 190,550 571,379 380,829

Other Financing Sources (Uses)

Bond issuance - 245,696 295,896

Net transfers - (69,685) (69,685)

Net Change in Fund Balance $190,550 $747,390 $556,840

CAPITAL ASSETS

In total, the District’s net capital assets for governmental activities decreased by $83,877 during

the fiscal year and ended the year at a net amount (cost less accumulated depreciation) of

$9,529,982.

For greater detail, readers should refer to the financial statement note disclosure 4 on page 18.

MD&A 6

Debt Administration

Outstanding general obligation debt, excluding compensated absence liabilities, as of April 30,

2016 is as follows:

Principal

Balance

General obligation bonds Due 12/1/17 $700,000

General obligation bonds Due 12/15/26 4,575,000

General obligation bonds Due 12/15/16 525,000

Total $5,800,000

FUTURE EVENTS

The District recently completed a master plan in September of 2016. As the Board of

Commissioners prioritizes and implements portions of the master plan over the next few years, a

significant increase in expenditures is likely.

DISTRICT FINANCIAL MANAGEMENT

This financial report is designed to provide a general overview of the District’s finances,

compliance with finance-related laws and regulations, provide transparency to the public, and

demonstrate the District’s commitment for financial accountability. If you have any questions

about this report or would like to request additional financial information, please contact the

Business Office:

Pleasant Dale Park District

7425 S. Wolf Road

Burr Ridge, IL 60527

Governmental

Activities

ASSETS Cash and investments 5,088,261$ Receivables (net, where applicable, ofallowances for uncollectibles)

Property taxes 1,045,643 Due from other governments 904 Investment in joint venture 3,777,497 Capital assets not being depreciated 4,478,028 Capital assets being depreciated (net of accumulated depreciation) 1,274,457

Total assets 15,664,790

DEFERRED OUTFLOWS OF RESOURCES

Pension items- IMRF 213,965 Unamortized loss on refunding 339,002

Total deferred outflows of resources 552,967

Total assets and deferred outflows of resources 16,217,757

LIABILITIES

Accounts payable 35,496 Accrued salaries 15,115 Accrued interest payable 83,875 Noncurrent liabilities

Due within one year 1,032,044 Due in more than one year 5,748,771

Total liabilities 6,915,301

DEFERRED INFLOWS OF RESOURCES

Deferred property tax revenue 1,099,899

Total liabilities and deferred inflows of resources 8,015,200

NET POSITION

Net investment in capital assets 478,053 Restricted for

Capital improvements 6,581 Special recreation 1,429,521

Unrestricted 6,288,402

TOTAL NET POSITION 8,202,557$



STATEMENT OF NET POSITION

April 30, 2016

See accompanying notes to financial statements.- 4 -

Net (Expense)

Revenue and

Change in

Operating Capital Net Position

Charges Grants and Grants and Governmental

FUNCTIONS/PROGRAMS Expenses for Services Contributions Contributions Activities

PRIMARY GOVERNMENT

Governmental ActivitiesParks and recreation 1,649,826$ 510,118$ -$ -$ (1,139,708)$ Investment in joint venture 115,957 - - - (115,957) Interest and fiscal charges 223,462 - - - (223,462)

TOTAL GOVERNMENTAL ACTIVITIES 1,989,245$ 510,118$ -$ -$ (1,479,127)

General Revenues Taxes Property 2,073,228 Replacement 67,497 Investment income 3,857 Miscellaneous 37,153

Total 2,181,735

CHANGE IN NET POSITION 702,608

NET POSITION, MAY 1 7,725,376

Change in accounting principle (225,427)

NET POSITION, MAY 1, RESTATED 7,499,949

NET POSITION, APRIL 30 8,202,557$

Program Revenues



STATEMENT OF ACTIVITIES

For the Year Ended April 30, 2016


Nonmajor Total

Special Debt Governmental Governmental

General Recreation Service Funds Funds

Cash and investments 4,176,414$ 899,659$ -$ 12,188$ 5,088,261$ Receivables

Property taxes 665,914 48,872 330,857 - 1,045,643 Due from other funds - 534,530 - - 534,530 Due from other governments 904 - - - 904

TOTAL ASSETS 4,843,232$ 1,483,061$ 330,857$ 12,188$ 6,669,338$

LIABILITIES

Accounts payable 25,464$ 4,425$ -$ 5,607$ 35,496$ Accrued salaries 15,115 - - - 15,115 Due to other funds 534,530 - - - 534,530

Total liabilities 575,109 4,425 - 5,607 585,141

DEFERRED INFLOWS OF RESOURCES

Unavailable property taxes 718,281 49,115 332,503 - 1,099,899

Total liabilities and deferred inflows of resources 1,293,390 53,540 332,503 5,607 1,685,040

FUND BALANCES

Restricted for capital improvements 245,696 - - 6,581 252,277 Restricted for special recreation - 1,429,521 - - 1,429,521 Unrestricted

Unassigned 3,304,146 - (1,646) - 3,302,500

Total fund balances (deficit) 3,549,842 1,429,521 (1,646) 6,581 4,984,298

TOTAL LIABILITIES, DEFERRED INFLOWS

OF RESOURCES AND FUND BALANCES 4,843,232$ 1,483,061$ 330,857$ 12,188$ 6,669,338$

OF RESOURCES AND FUND BALANCES

ASSETS



BALANCE SHEETGOVERNMENTAL FUNDS

April 30, 2016

LIABILITIES, DEFERRED INFLOWS


FUND BALANCES OF GOVERNMENTAL FUNDS 4,984,298$

Amounts reported for governmental activities in the statement of net assets are different because:

The balance of equity in joint venture is reported on the 3,777,497 statement of activities

Capital assets used in governmental activities are not 5,752,485 financial resources and, therefore, are not reported in the governmental funds

Net pension liability for the is shown as a liability on the statement of net position

Illinois Municipal Retirement Fund (548,114)

Differences between expected and actual experiences, assumption changes, net differences between projected projected, actual earnings and contributions after the measurement date are recognized as deferred outflows of resources on the statement of net position

Illinois Municipal Retirement Fund 213,965

Long-term liabilities, including bonds payable, are not due and payable in the current period and, therefore, are not reported in the governmental funds

Bonds payable (5,800,000) Interest payable (83,875)Compensated absences (47,044)Unamortized loss on refunding 339,002Unamortized bond premium (385,657)

NET POSITION OF GOVERNMENTAL ACTIVITIES 8,202,557$

April 30, 2016



RECONCILIATION OF FUND BALANCES OF GOVERNMENTAL FUNDS TO THEGOVERNMENTAL ACTIVITIES IN THE STATEMENT OF NET POSITION




STATEMENT OF REVENUES, EXPENDITURESAND CHANGES IN FUND BALANCES

GOVERNMENTAL FUNDS


Nonmajor Total

Special Debt Governmental Governmental

General Recreation Service Funds Funds

REVENUES

Property taxes 1,306,098$ 103,679$ 663,451$ -$ 2,073,228$ Personal property replacement tax 67,497 - - - 67,497 Recreation fees and programs 426,974 - - - 426,974 Rental income 76,581 - - - 76,581 Intergovernmental (5,232) - - - (5,232) Investment income 3,446 411 - - 3,857 Miscellaneous 48,948 - - - 48,948

Total revenues 1,924,312 104,090 663,451 - 2,691,853

EXPENDITURES

CurrentParks and recreation 1,281,939 45,548 - - 1,327,487

Debt servicePrincipal retirement - - 965,000 - 965,000 Interest and fiscal charges - - 222,706 - 222,706

Capital outlay 70,994 58,553 - 80,292 209,839

Total expenditures 1,352,933 104,101 1,187,706 80,292 2,725,032

EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 571,379 (11) (524,255) (80,292) (33,179)

OTHER FINANCING SOURCES (USES)

Bonds issued 245,696 - 454,304 - 700,000 Transfers in - 1,380 68,305 - 69,685 Transfers (out) (69,685) - - - (69,685)

Total other financing sources (uses) 176,011 1,380 522,609 - 700,000

NET CHANGE IN FUND BALANCES 747,390 1,369 (1,646) (80,292) 666,821

FUND BALANCES, MAY 1 2,802,452 1,428,152 - 86,873 4,317,477

FUND BALANCES (DEFICIT), APRIL 30 3,549,842$ 1,429,521$ (1,646)$ 6,581$ 4,984,298$


NET CHANGE IN FUND BALANCES -

TOTAL GOVERNMENTAL FUNDS 666,821$

Amounts reported for governmental activities in the statement of activities are different because:

Governmental funds report capital outlay as expenditures; however, they are capitalized and depreciated in the statement of activities 161,406

Some expenses in the statement of activities (e.g., depreciation) do not require the use of current financial resources and, therefore, are not reported as expenditures in governmental funds (127,106)

The decrease in equity of joint venture is reported on the statement of activities (115,957)

Proceeds from the disposal of capital assets are recognized in governmental funds but the gain (loss) is recognized on the statement of activities (2,220)

The change in compensated absences liability is reported as an expense on the statement of activities (35,858)

The change in the net pension liability is reported only in the statement of activitiesIllinois Municipal Retirement Fund (307,603)

The change in deferred inflows and outflows of resources is reported only in the statement of activities

Illinois Municipal Retirement Fund 198,881

The amortization of discounts, premiums and losses on refunding are reported as expenses on the statement of activities 4,241

The change in the accrual of interest on long-term debt is reported as an expense on the statement of activities (4,997)

The issuance of long-term debt is reported as an other financing source in governmental funds, but as an increase of principal outstanding in the statement of activities

Bonds issued (700,000)

The repayment of long-term debt is reported as an expenditure when due in governmental funds but as a reduction of principal outstanding in the statement of activities 965,000

CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES 702,608$

GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF ACTIVITIES




RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES TO THE


- 10 -



NOTES TO FINANCIAL STATEMENTS

April 30, 2016

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The financial statements of the Pleasant Dale Park District, Burr Ridge, Illinois (the

District) have been prepared in conformity with accounting principles generally accepted in the United States of America, as applied to government units (hereinafter referred to as generally accepted accounting principles (GAAP)). The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The more significant of the District’s accounting policies are described below.

a. Reporting Entity The District has adopted the provisions of GASB Statement No. 61, The Financial

Reporting Entity, under which the financial statements include all organizations, activities, functions and component units for which the District is financially accountable. Financial accountability is defined as the possibility that the component unit will provide a financial benefit to or impose a financial burden on the District.

The accompanying basic financial statements present the District only since the

District does not have component units. The District has a separately elected board, the power to levy taxes, the authorization to expend funds, the responsibility to designate management and the ability to prepare and modify the annual budget and issue debt. Therefore, the District is not included as a component unit of any other entity.

b. Fund Accounting The District uses funds to report on its financial position and the changes in its

financial position. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain government functions or activities.

A fund is a separate accounting entity with a self-balancing set of accounts. Funds

are classified into the following category: governmental. Governmental funds are used to account for all or most of the District’s general

activities, including the collection and disbursement of restricted or committed monies (special revenue funds), the funds committed, restricted or assigned for the acquisition or construction of capital assets (capital projects funds), the funds

- 10 -



NOTES TO FINANCIAL STATEMENTS (Continued)

- 11 -

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

b. Fund Accounting (Continued)

committed, restricted or assigned for the servicing of long-term debt (debt service funds) and the management of funds held in trust where the interest earnings can be used for governmental services (permanent fund). The General Fund is used to account for all activities of the District not accounted for in some other fund.

c. Government-Wide and Fund Financial Statements The government-wide financial statements (i.e., the statement of net position and the

statement of activities) report information on all of the activities of the District. The effect of material interfund activity has been eliminated from these statements except for interfund services provided and used. Governmental activities, which normally are supported by taxes and intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on fees and charges for support. The District has no business-type activities.

The statement of activities demonstrates the degree to which the direct expenses of a

given function, segment or program are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include (1) charges to customers or applicants who purchase, use or directly benefit from goods, services or privileges provided by a given function or segment and (2) grants and standard revenues that are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and other items not properly included among program revenues are reported instead as general revenues.

Separate financial statements are provided for governmental funds. Major individual

governmental funds are reported as separate columns in the fund financial statements.

The District reports the following major governmental funds:

The General Fund accounts for the District’s primary operating activities. It is used to account for all financial resources except those accounted for in another fund.

The Special Recreation Fund accounts for the resources legally restricted to

supporting expenditures for the special recreation programs. The Debt Service Fund accounts for the accumulation of funds that are

restricted for repayment of various general obligation bond issues where repayment is financed by an annual property tax levy.

- 11 -




- 12 -


d. Measurement Focus, Basis of Accounting and Financial Statement Presentation The government-wide financial statements are reported using the economic resources

measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred. Property taxes are recognized as revenues in the year for which they are levied (i.e., intended to finance). Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met.

Governmental fund financial statements are reported using the current financial

resources measurement focus and the modified accrual basis of accounting. Under the modified accrual basis of accounting, revenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). “Measurable”

means the amount of the transaction can be determined and “available” means

collectible within the current period, usually 60 days. The District recognizes property taxes when they become both measurable and available in the year intended to finance. Expenditures are recorded when the related fund liability is incurred. Principal and interest on general long-term debt are recorded as fund liabilities when due or when amounts have been accumulated in the debt service fund for payments to be made early in the following year.

Those revenues susceptible to accrual are property taxes, licenses, interest revenue

and charges for services. In applying the susceptible-to-accrual concept to intergovernmental revenues (i.e.,

federal and state grants), the legal and contractual requirements of the numerous individual programs are used as guidance. There are, however, essentially two types of these revenues. In one, monies must be expended on the specific purpose or project before any amounts will be paid to the District; therefore, revenues are recognized based upon the expenditures recorded. In the other, monies are virtually unrestricted as to purpose of expenditure and are generally revocable only for failure to comply with prescribed eligibility requirements. These resources are reflected as revenues at the time of receipt or earlier if they meet the availability criterion.

The District reports unearned revenue and unavailable/deferred revenue on its financial statements. Unearned revenue and unavailable/deferred revenue arises when a potential revenue does not meet both the measurable and available or earned criteria for recognition in the current period. Unearned revenue also arises when resources are received by the District before it has a legal claim to them, as when grant monies are received prior to the incurrence of qualifying expenditures. In

- 12 -




- 13 -


d. Measurement Focus, Basis of Accounting and Financial Statement Presentation

(Continued) subsequent periods, when both revenue recognition criteria are met, or when the

District has a legal claim to the resources, the liability or deferred inflow of resources for unearned revenue or unavailable/deferred revenue is removed from the financial statements and revenue is recognized.

e. Deposits and investments

Investments with maturities of one year or more from the date of purchase, other than non-negotiable certificates of deposit, are stated at fair value based on quoted market prices. Investments with maturities of one year or less from the date of purchase and non-negotiable certificates of deposit are stated at cost or amortized cost. All other investments which do not consider market rates are stated at cost.

f. Interfund Receivables/Payables Activity between funds that are representative of lending/borrowing arrangements

outstanding at the end of the fiscal year are referred to as either “due to/from other

funds” (i.e., the current portion of interfund loans) or “advances to/from other funds”

(i.e., the noncurrent portion of interfund loans). All other outstanding balances between funds are reported as “due to/from other funds.”

g. Prepaid Items/Expenses Payments made to vendors for services that will benefit periods beyond the date of

this report are recorded as prepaid items/expenses.

h. Interfund Transactions Interfund service transactions are accounted for as revenues, expenditures or

expenses. Transactions that constitute reimbursements to a fund for expenditures/expenses initially made from it that are properly applicable to another fund are recorded as expenditures/expenses in the reimbursing fund and as reductions of expenditures/expenses in the fund that is reimbursed.

All other interfund transactions, except interfund service transactions and

reimbursements, are reported as transfers.

- 13 -




- 14 -


i. Capital Assets

Capital assets, which include property, plant and equipment, are reported in the applicable governmental or business-type activities columns in the government-wide financial statements. Capital assets are defined by the District as assets with an initial, individual cost of more than $5,000 and an estimated useful life in excess of one year. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at estimated fair market value at the date of donation.

The costs of normal maintenance and repairs that do not add to the value of the asset

or materially extend asset lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are

constructed. Property, plant and equipment are depreciated using the straight-line method over the following estimated useful lives:

Years Buildings and parks 30 Building improvements 20 Furniture and equipment 10 Curbs, sidewalks and parking lots 20 Land improvements 40

j. Compensated Absences

The District accrues a liability for vacation and sick time benefits as these benefits are earned. At April 30, 2016, the liabilities for these accumulated unpaid benefits are accounted for in the governmental activities column in the government-wide financial statements. In the governmental fund financial statements, a liability has been accrued for amounts owed to employees who have retired or terminated employment by the end of the year.

k. Long-Term Obligations In the government-wide financial statements, long-term debt and other long-term

obligations are reported as liabilities in the governmental activities. Bond premiums and discounts, as well as gains/losses on refunding, are deferred and amortized over the life of the bonds using the effective interest method. Bonds payable are reported net of the applicable bond premium or discount.

- 14 -




- 15 -


k. Long-Term Obligations (Continued) In the fund financial statements, governmental funds recognize bond premiums and

discounts, as well as bond issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as expenditures.

l. Fund Balances/Net Position

In the fund financial statements, governmental funds report nonspendable fund balance for amounts that are either not in spendable form or legally or contractually required to be maintained intact. Restrictions of fund balance are reported for amounts constrained by legal restrictions from outside parties for use for a specific purpose, or externally imposed by outside entities or from enabling legislation adopted by the District. Committed fund balance is constrained by formal actions of the District’s Board of Park Commissioners, which is considered the District’s

highest level of decision-making authority. Formal actions include ordinances approved by the District’s Board of Park Commissioners. Assigned fund balance represents amounts constrained by the District’s intent to use them for a specific

purpose. The authority to assign fund balance has been delegated to the District’s

Director. Any residual fund balance in the General Fund, including fund balance targets and any deficit fund balance of any other governmental fund is reported as unassigned. The District’s flow of funds assumption prescribes that the funds with the highest

level of constraint are expended first. If restricted or unrestricted funds are available for spending, the restricted funds are spent first. Additionally, if different levels of unrestricted funds are available for spending the District considers committed funds to be expended first followed by assigned funds and then unassigned funds. In the government-wide financial statements, restricted net position is legally restricted by outside parties for a specific purpose. Net investment in capital assets represents the book value of capital assets less any outstanding long-term debt issued to acquire or construct the capital assets. None of the restricted net position or restricted fund balance results from enabling legislation adopted by the District.

- 15 -




- 16 -


m. Deferred Outflows/Inflows of Resources In addition to assets, the statement of financial position will sometimes report a

separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net assets that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then. In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net assets that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time.

n. Use of Estimates The preparation of financial statements in conformity with generally accepted

accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenditures/expenses during the reporting period. Actual results could differ from those estimates.

2. DEPOSITS AND INVESTMENTS

The District’s investment policy permits the District to invest in bonds, notes, certificates

of indebtedness, treasury bills or other securities which are guaranteed by the full faith and credit of the United States Government as to principal and interest, bonds, notes debentures or similar obligations of the agencies of the United States of America; interest-bearing savings accounts, certificates of deposit, time deposits or other investment constituting direct obligations of a bank as defined by the Illinois Banking Act; short-term obligations (maturing within 180 days of dates of purchase) of corporations with assets exceeding 500 million (such obligations must be rated at the time of purchase as AAA by at least two standard rating services).

Money market mutual funds registered under the Investment Company Act of 1940 which

invest only in bonds, notes, certificates of indebtedness, treasury bills and other securities which are guaranteed by the full faith and credit of the United States of America as to principal and interest and agrees to repurchase such obligations; Illinois Funds, Illinois Park District Liquid Asset Fund or a fund managed, operated and administered by a bank and other securities as allowed by the Illinois Public Funds Investment Act.

- 16 -




- 17 -

2. DEPOSITS AND INVESTMENTS (Continued) It is the policy of the District to invest its funds in a manner which will provide the highest

investment return with the maximum security while meeting the daily cash flow demands of the District and conforming to all state and local statutes governing the investment of public funds, using the “prudent person” standard for managing the overall portfolio. The primary objective of the policy is safety (preservation of capital and protection of investment principal), liquidity and yield.

a. Deposits with Financial Institutions Custodial credit risk for deposits with financial institutions is the risk that in the

event of bank failure, the District’s deposits may not be returned to it. The District’s

investment policy requires pledging of collateral with a fair value at 110% of all bank balances in excess of federal depository insurance with the collateral held by a third party in the name of the District. At April 30, 2016, the District had no deposits that were uninsured and uncollateralized.

b. Investments Interest rate risk is the risk that changes in interest rates will adversely affect the fair

value of an investment. In accordance with its investment policy, the District limits its exposure to interest rate risk by structuring the portfolio to provide liquidity for short and long-term cash flow needs while providing a reasonable rate of return based on the current market.

The District limits its exposure to credit risk, the risk that the issuer of a debt security

will not pay its par value upon maturity, by primarily investing in obligations guaranteed by the United States Government or securities issued by agencies of the United States Government that are explicitly guaranteed by the United States Government or United States agency securities that are implicitly guaranteed by the United States Government and rated AAA. The Illinois Park District Liquid Asset Fund is not rated.

Custodial credit risk for investments is the risk that, in the event of the failure of the counterparty to the investment, the District will not be able to recover the value of its investments that are in possession of an outside party. The District’s investment

policy is silent on custodial credit risk. The Illinois Park District Liquid Asset Fund is not subject to custodial credit risk.

Concentration of credit risk is the risk that the District has a high percentage of their investments invested in one type of investment. The District’s investment policy

requires diversification of investment to avoid unreasonable risk but has no set percentage limits.

- 17 -




- 18 -

3. PROPERTY TAXES

Property taxes for 2015 attach as an enforceable lien on January 1, 2015 on properties

assessed as of the same date. Taxes are levied on a calendar year basis by the last Tuesday of December. The District will adopt its annual tax levy ordinance for 2016 in November of 2016. Tax bills are prepared and mailed by the County on or about February 1 and August 1, and are payable in two installments, on or about March 1 and September 1. The County collects such taxes and remits them periodically. Since the 2016 levy is not measurable, the levy has not been recorded as a receivable or deferred revenue.

4. CAPITAL ASSETS

Capital asset activity for the year ended April 30, 2016 was as follows:

Beginning Ending Balances Increases Decreases Balances GOVERNMENTAL ACTIVITIES Capital assets not being depreciated Investment in joint venture $ 3,893,454 $ - $ 115,957 $ 3,777,497 Land 4,375,084 - - 4,375,084 Construction in progress - 102,944 - 102,944 Total capital assets not being depreciated 8,268,538 102,944 115,957 8,255,525 Capital assets being depreciated Buildings and parks 1,782,552 - - 1,782,552 Building improvements 346,582 6,913 - 353,495 Furniture and equipment 523,630 51,549 17,808 557,371 Curbs, sidewalk and parking lots 715,491 - - 715,491 Land improvements 78,983 - - 78,983 Total capital assets being depreciated 3,447,238 58,462 17,808 3,487,892 Less accumulated depreciation for Buildings and parks 925,468 57,068 - 982,536 Building improvements 211,458 15,773 - 227,231 Furniture and equipment 386,380 21,535 15,588 392,327 Curbs, sidewalk and parking lots 559,142 28,781 - 587,923 Land improvements 19,469 3,949 - 23,418 Total accumulated depreciation 2,101,917 127,106 15,588 2,213,435 Total capital assets being depreciated, net 1,345,321 (68,644) 2,220 1,274,457 GOVERNMENTAL ACTIVITIES CAPITAL ASSETS, NET $ 9,613,859 $ 34,300 $ 118,177 $ 9,529,982

- 18 -




- 19 -

4. CAPITAL ASSETS (Continued)

Depreciation expense was charged to functions/programs of the primary government as follows:

GOVERNMENTAL ACTIVITIES Parks and recreation $ 127,106 TOTAL DEPRECIATION EXPENSE - GOVERNMENTAL ACTIVITIES $ 127,106

5. LONG-TERM DEBT

a. General Obligation Bonds The District issues general obligation bonds to provide funds for the acquisition and

construction of major capital facilities. In addition, general obligation bonds have been issued to refund general obligation bonds.

Governmental Activities General obligation bonds are direct obligations and pledge the full faith and credit of

the District. General obligation bonds currently outstanding are as follows:

Issue

Fund Debt Retired by

Balances May 1

Issuances

Retirements/Refunding

Balances April 30

Current Portion

$700,000 General Obligation Park Bonds, Series 20015 dated November 11, 2015 due on December 1, 2017, with interest rates of 2%.

Debt Service

$ -

$ 700,000

$ -

$ 700,000

$ 90,000

$630,000 General Obligation Alternative Revenue Source Limited Bonds, Series 2013 dated December 2, 2013, due on December 1, 2015, with interest at 1.5%.

Debt Service

490,000

-

490,000

-

-

$5,080,000 General Obligation Alternative Revenue Source Refunding Park Bonds, Series 2014A dated October 15, 2014, due on December 15, 2026, with interest rates from 2% to 4%.

Debt Service

4,925,000

-

350,000

4,575,000

370,000

- 19 -




- 20 -

5. LONG-TERM DEBT (Continued)

a. General Obligation Bonds (Continued) Governmental Activities (Continued)

Issue

Fund Debt Retired by

Balances May 1

Issuances

Retirements/Refunding

Balances April 30

Current Portion

$650,000 General Obligation Limited Bonds, Series 2014B dated October 15, 2015, due on December 15, 2016, with interest rates from 2% to 3%.

Debt Service

$ 650,000

$ -

$ 125,000

$ 525,000

$ 525,000

TOTAL $ 6,065,000 $ 700,000 $ 965,000 $ 5,800,000 $ 985,000

Annual debt service requirements to maturity are as follows:

Fiscal Year Governmental Activities

Ending General Obligation Bonds April 30, Principal Interest

2017 $ 985,000 $ 201,300 2018 985,000 172,650 2019 400,000 149,200 2020 400,000 137,200 2021 425,000 121,200 2022 400,000 104,200 2023 410,000 88,200 2024 420,000 71,800 2025 440,000 55,000 2026 460,000 37,400 2027 475,000 19,000

TOTAL $ 5,800,000 $ 1,157,150

- 20 -




- 21 -

5. LONG-TERM DEBT (Continued)

b. Changes in Long-Term Liabilities During the fiscal year, the following changes occurred in long-term liabilities.

Balances May 1,

Restated

Additions

Reductions

Balances April 30

Current Portion

GOVERNMENTAL ACTIVITIES General obligation bonds $ 6,065,000 $ 700,000 $ 965,000 $ 5,800,000 $ 985,000 Unamortized premium 420,717 - 35,060 385,657 - Loss on refunding (369,821) - (30,819) (339,002) - Net pension liability - IMRF* 240,511 307,603 - 548,114 - Compensated absences* 11,186 47,044 11,186 47,044 47,044 TOTAL $ 6,367,593 $ 1,054,647 $ 980,427 $ 6,411,813 $ 1,032,044

*Compensated absences are funded by the General Fund. c. Legal Debt Margin

2015 equalized assessed valuation (most recent available) $ 533,712,260 Debt limitation - 2.875% of assessed valuation $ 15,344,227 Amount of debt applicable to debt limit 2014A General Obligation Refunding Park Bonds 4,575,000 2014B General Obligation Limited Bonds 525,000 2015 General Obligation Limited Bonds 700,000 Total debt 5,800,000 LEGAL DEBT MARGIN $ 9,544,227

- 21 -




- 22 -

6. INDIVIDUAL FUND DISCLOSURES

a. Due To/From Other Funds Due To/From Other Funds at April 30, 2016 consisted of the following:

Fund Due From Due To

General $ - $ 534,530 Special Recreation 534,530 - TOTAL $ 534,530 $ 534,530

$534,530 is due from the General Fund to the Special Recreation Fund for

prior year tax levy amounts. These amounts will be repaid within one year. b. Transfers In/Out Interfund transfers during the year ended April 30, 2016 consisted of the following:

Fund Transfers In Transfers Out

General $ - $ 69,685 Special Recreation 1,380 - Debt Service 68,305 - TOTAL $ 69,685 $ 69,685 The purposes of the significant transfers are as follows:

$1,380 transferred from General Fund to the Special Recreation to assist in

funding operations and for capital projects.

$68,305 transferred from the General Fund to the Debt Service Fund to fund debt service payments.

- 22 -




- 23 -

7. DEFINED BENEFIT PENSION PLANS

The District contributes to one defined benefit pension plan: the Illinois Municipal

Retirement Fund (IMRF), an agent multiple-employer public employee retirement system. The benefits, benefit levels, employee contributions and employer contributions for all plans are governed by Illinois Compiled Statutes (ILCS) and can only be amended by the Illinois General Assembly. The pension plan does not issue a separate report on the pension plan. However, IMRF does issue a publicly available report that includes financial statements and supplementary information for the plan as a whole, but not for individual employers. That report can be obtained from IMRF, 2211 York Road, Suite 500, Oak Brook, Illinois 60523 or at www.imrf.org.

Illinois Municipal Retirement Fund Plan Administration

All employees hired in positions that meet or exceed the prescribed annual hourly standard

must be enrolled in IMRF as participating members. The plan is accounted for on the economic resources measurement focus and the accrual

basis of accounting. Employer and employee contributions are recognized when earned in the year that the contributions are required, benefits and refunds are recognized as an expense and liability when due and payable.

Plan Membership

At December 31, 2015, IMRF membership consisted of:

Inactive employees or their beneficiaries currently receiving benefits 14 Inactive employees entitled to but not yet receiving benefits 37 Active employees 10 TOTAL 61

Benefits Provided

IMRF provides two tiers of pension benefits. Employees hired prior to January 1, 2011 are

eligible for Tier 1 benefits. For Tier 1 employees, pension benefits vest after eight years of service. Participating members who retire at age 55 (reduced benefits) or after age 60 (full benefits) with eight years of credited service are entitled to an annual retirement benefit, payable monthly for life, in an amount equal to 1 2/3% of their final rate of earnings, for each year of credited service up to 15 years and 2% for each year thereafter. Employees

- 23 -




- 24 -

7. DEFINED BENEFIT PENSION PLANS (Continued) Illinois Municipal Retirement Fund (Continued)

Benefits Provided (Continued) hired on or after January 1, 2011 are eligible for Tier 2 benefits. For Tier 2 employees, pension benefits vest after ten years of service. Participating members who retire at age 62 (reduced benefits) or after age 67 (full benefits) with ten years of credited service are entitled to an annual retirement benefit, payable monthly for life, in an amount equal to 1 2/3% of their final rate of earnings, for each year of credited service up to 15 years, and 2% for each year thereafter. IMRF also provides death and disability benefits. These benefit provisions and all other requirements are established by state statute.

Contributions

Participating members are required to contribute 4.5% of their annual salary to IMRF. The

District is required to contribute the remaining amounts necessary to fund IMRF as specified by statute. The employer contribution rate for the calendar year ended 2015 and 2016 was 12.24% and 14.29%, respectfully, and of covered payroll.

Actuarial Assumptions The District’s net pension liability was measured as of December 31, 2015 and the total

pension liability used to calculate the net pension liability was determined by an actuarial valuation performed as of the same date using the following actuarial methods and assumptions.

Actuarial valuation date December 31, 2015 Actuarial cost method Entry-age normal Assumptions Inflation 2.75% Salary increases 3.75% to 14.50% Interest rate 7.50% Cost of living adjustments 3.00% Asset valuation method Market value

- 24 -




- 25 -

7. DEFINED BENEFIT PENSION PLANS (Continued) Illinois Municipal Retirement Fund (Continued) Actuarial Assumptions (Continued) For nondisabled retirees, an IMRF specific mortality table was used with fully generational

projection scale MP-2014 (base year 2014). IMRF specific rates were developed from the RP-2014 Blue Collar Health Annuitant Mortality Table with adjustments to match current IMRF experience. For disabled retirees, an IMRF specific mortality table was used with fully generational projection scale MP-2014 (base year 2014). IMRF specific rates were developed from the RP-2014 Disabled Retirees Mortality Table applying the same adjustment that were applied for nondisabled lives. For active members, an IMRF specific mortality table was used with fully generational projection scale MP-2014 (base year 2014). IMRF specific rates were developed from the RP-2014 Employee Mortality Table with adjustments to match current IMRF experience.

Discount Rate

The discount rate used to measure the total pension liability was 7.47%. The projection of

cash flows used to determine the discount rate assumed that member contributions will be made at the current contribution rate and that the District contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the IMRF’s fiduciary net position was not projected to be available to make all projected future benefit payments of current plan members and, therefore, was blended with the index rate of 3.57% for tax exempt general obligation municipal bonds rated AA or better at December 31, 2015 to arrive at a discount rate of 7.47%. used to determine the total pension liability.

Changes in the Net Pension Liability

(a) Total

Pension

(b) Plan

Fiduciary

(a) - (b) Net

Pension Liability Net Position Liability BALANCES AT JANUARY 1, 2015 $ 2,840,246 $ 2,599,735 $ 240,511 Changes for the period Service cost 39,010 - 39,010 Interest 210,955 - 210,955 Difference between expected and actual experience 100,940 - 100,940 Change of assumptions 8,766 - 8,766

- 25 -




- 26 -

7. DEFINED BENEFIT PENSION PLANS (Continued) Illinois Municipal Retirement Fund (Continued)

Changes in the Net Pension Liability (Continued)

(a) Total

Pension

(b) Plan

Fiduciary

(a) - (b) Net

Pension Liability Net Position Liability Changes for the period (Continued) Employer contributions $ - $ 45,222 $ (45,222) Employee contributions - 16,626 (16,626) Net investment income - 12,937 (12,937) Benefit payments and refunds (86,513) (86,513) - Other (net transfer) - (22,717) 22,717 Net changes 273,158 (34,445) 307,603 BALANCES AT DECEMBER 31, 2015 $ 3,113,404 $ 2,565,290 $ 548,114

Pension Expense and Deferred Outflows of Resources and Deferred Inflows of

Resources

For the year ended April 30, 2016, the District recognized pension expense of $153,944. At

April 30, 2016, the District reported deferred outflows of resources and deferred inflows of resources related to IMRF from the following sources:

Deferred

Outflows of Deferred

Inflows of Resources Resources Difference between expected and actual experience $ 47,340 $ - Changes in assumption 4,111 - Net difference between projected and actual earnings on pension plan investments 144,213 - Employer contributions after the measurement date 18,301 - TOTAL $ 213,965 $ -

- 26 -




- 27 -

7. DEFINED BENEFIT PENSION PLANS (Continued) Illinois Municipal Retirement Fund (Continued) Pension Expense and Deferred Outflows of Resources and Deferred Inflows of

Resources (Continued) Amounts reported as deferred outflows of resources and deferred inflows of resources

related to IMRF will be recognized in pension expense as follows:

Year Ending April 30,

2017 $ 105,805 2018 36,053 2019 36,053 2020 36,054 2021 - Thereafter - TOTAL $ 213,965

Discount Rate Sensitivity The following is a sensitive analysis of the net pension liability to changes in the discount

rate. The table below presents the net pension liability of the District calculated using the discount rate of 7.47% as well as what the District’s net pension liability would be if it were calculated using a discount rate that is 1 percentage point lower (6.47%) or 1 percentage point higher (8.57%) than the current rate:

1% Decrease Current

Discount Rate

1% Increase (6.47%) (7.47%) (8.47%) Net pension liability $ 1,030,437 $ 548,114 $ 163,549

8. OTHER POSTEMPLOYMENT BENEFITS The District’s health insurance provider utilizes age based rates. Former employees who

choose to retain their rights to health insurance through the District are required to pay 100% of the current premium. For the year ended April 30, 2016, the District had no former employees purchasing health insurance through the District. Additionally, the District had no former employees or no current employees with agreements for which the District was providing an explicit subsidy as of April 30, 2016. Therefore, there is no implicit subsidy to calculate in accordance with GASB Statement No. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions.

- 27 -




- 28 -

9. RISK MANAGEMENT AGENCY

The District is exposed to various risks related to torts; theft of, damage to and destruction

of assets; errors and omissions; employee health; injuries to employees and net income losses. Insurance for these risks is provided through Park District Risk Management Agency’s (PDRMA) public entity risk pool. Since 1992, the District has been a member of PDRMA. PDRMA, a risk management pool of park and forest preserve districts and special recreation associations through which property, general liability, automobile liability, crime, boiler and machinery, public officials’ and workers’ compensation

coverage is provided in excess of specified limits for the members, acting as a single insurable unit.

In the event losses exceed the per occurrence self-insurance and reinsurance limit, the

District would be liable for the excess amount. PDRMA’s Board of Directors evaluates the

aggregate self-insured limit annually. As a member of PDRMA, the District is represented on the membership assembly and is

entitled to one vote. The relationship between the District and PDRMA is governed by a contract and by-laws that have been adopted by resolution of the District’s governing body.

The District is contractually obligated to make all annual and supplementary contributions

to PDRMA, to report claims on a timely basis, cooperate with PDRMA, its claims administrator and attorneys in claims investigation and settlement and to follow risk management procedures as outlined by PDRMA. Members have a contractual obligation to fund any deficit of PDRMA attributable to a membership year during which they were a member.

PDRMA is responsible for administering the self-insurance program and purchasing excess

insurance according to the direction of the Board of Directors. PDRMA also provides its members with risk management services, including the defense of and settlement of claims and establishes reasonable and necessary loss reduction and prevention procedures to be followed by the members.

Since 1995, the District has been a member of the PDRMA Health Program, a health

insurance pool of park districts, special recreation associations and public service organizations through which medical, vision, dental, life and prescription drug coverages are provided in excess of specified limits for the members, acting as a single insurable unit. The pool purchases excess insurance covering single claims over $225,000. Until January 1, 2001, the PDRMA Health Program was a separate legal entity formerly known as the Illinois Park Employees Health Network (IPEHN).

Members can choose to provide any combination of coverages available to their employees

and pay premiums accordingly.

- 28 -




- 29 -

9. RISK MANAGEMENT AGENCY (Continued) As a member of the PDRMA Health Program, the District is represented on the Health

Program Council as well as the Membership Assembly and is entitled to one vote on each. The relationship between the member agency and the PDRMA Health Program is governed by a contract and by-laws that have been adopted by resolution of each member’s

governing body. Members are contractually obligated to make all monthly payments to the PDRMA Health Program and to fund any deficit of the PDRMA Health Program upon dissolution of the pool. They will share in any surplus of the pool based on a decision by the Health Program Council.

Complete financial statements for PDRMA can be obtained from the PDRMA’s

administration offices at 2033 Burlington Avenue, Lisle, Illinois 60532.

10. JOINT VENTURES

Flagg Creek Golf Course a. Description of Joint Venture As a joint venture with the City of Countryside (the City), the District acquired the

Flagg Creek Golf Course for an original purchase price of $5.8 million. The joint venture subsequently entered into contracts over $1.5 million for the redevelopment of the course which was substantially completed in July 1993. Each owner was responsible for one half of the acquisition cost.

A joint board was formed to oversee the golf course redevelopment and operation in

which both the City and the District have equal control. The golf course opened to the public in July of 1993.

The City provides the personnel and necessary administration to run the golf course.

Employees of the golf course are paid by the City which is reimbursed by the golf course.

The two owners of Flagg Creek Golf Course and their percentage shares as of the

date of this report are:

Percent Share

City of Countryside 50% Pleasant Dale Park District 50% TOTAL 100%

- 29 -




- 30 -

10. JOINT VENTURES (Continued) Flagg Creek Golf Course (Continued) b. Summary of Financial Information of Joint Venture Summary of financial position as of April 30, 2016:

ASSETS Current assets $ 149,557 Capital assets 7,800,449 Total assets 7,950,006 DEFERRED OUTFLOWS OF RESOURCES Deferred outflows related to pension 93,697 Total deferred outflows of resources 93,697 LIABILITIES Current liabilities 170,795 Long-term liabilities 317,913 Total liabilities 488,708 NET POSITION $ 7,554,995

Summary of revenues, expenses and changes in net position for the year ended

April 30, 2016:

Total revenues $ 1,121,750 Total expenses 1,145,500 Operating income (loss) (23,750) NON-OPERATING REVENUES (EXPENSES) Investment income 348 Payments to affiliates 19,178 Total non-operating revenues (expenses) 19,526 NET DECREASE (4,224) NET POSITION May 1, 2015, AS RESTATED 7,559,219 April 30, 2016 $ 7,554,995

- 30 -




- 31 -

10. JOINT VENTURES (Continued)

Flagg Creek Golf Course (Continued) b. Summary of Financial Information of Joint Venture (Continued)

At April 30, 2016 and for the year then ended, the District’s proportionate share of

net position and change in net position was $3,777,497 and $(115,957), respectively. The District received a distribution of $0 for the year ended April 30, 2016. Complete financial statements can be obtained from the Flagg Creek Golf Course,

6939 S. Wolf Road, Countryside, Illinois 60525. 11. CHANGE IN ACCOUNTING PRINCIPLE/RESTATEMENT

The District recorded the following change in accounting principle during the year ended

April 30, 2016:

Increase (Decrease)

CHANGE IN ACCOUNTING PRINCIPLE - BUSINESS-TYPE ACTIVITIES

To record the beginning IMRF net pension liability in accordance with the implementation of GASB Statement No. 68

$ (240,511)

To record the beginning IMRF deferred outflow of resources for employer contributions after the measurement date

15,084

TOTAL CHANGE IN ACCOUNTING PRINCIPLE - GOVERNMENTAL ACTIVITIES

$ (225,427)

With the implementation of GASB Statement No. 68, the District is required to

retroactively record the net pension liability. With the implementation of GASB Statement No. 71, the District is required to record the employer contributions from the December 31 measurement date to the fiscal year end as a deferred outflow of resources.

12. SUBSEQUENT EVENT

The District authorized the sale of $700,000 to $750,000 of bonds on October 12, 2016 and

expects to issue these bonds in November 2016.

- 31 -

REQUIRED SUPPLEMENTARY INFORMATION

Variance

Original and Over

Final Budget Actual (Under)

REVENUES

Property taxes 1,320,000$ 1,306,098$ (13,902)$ Personal property replacement tax 65,000 67,497 2,497 Recreation fees and programs 357,800 426,974 69,174 Donations 2,500 - (2,500) Rental income 77,600 76,581 (1,019) Intergovernmental 75,000 (5,232) (80,232) Investment income 1,100 3,446 2,346 Miscellaneous 85,325 48,948 (36,377)

Total revenues 1,984,325 1,924,312 (60,013)

EXPENDITURES Current

Parks and recreationSalaries and wages 509,640 526,488 16,848 Contractual services 336,400 316,565 (19,835) Office 100,055 91,225 (8,830) Supplies and repairs 112,100 102,439 (9,661) Utilities 56,570 56,486 (84) Miscellaneous 47,360 43,991 (3,369) Program expenditures 55,100 56,252 1,152 Retirement 77,250 88,493 11,243

Total current 1,294,475 1,281,939 (12,536)

Capital outlay 499,300 70,994 (428,306)

Total expenditures 1,793,775 1,352,933 (440,842)

EXCESS (DEFICIENCY) OF REVENUESOVER EXPENDITURES 190,550 571,379 380,829


Bond Issuance - 245,696 245,696 Transfers (out) - (69,685) (69,685)

Total other financing sources (uses) - 176,011 176,011

NET CHANGE IN FUND BALANCE 190,550$ 747,390 556,840$

FUND BALANCE, MAY 1 2,802,452

FUND BALANCE, APRIL 30 $ 3,549,842




SCHEDULE OF REVENUES, EXPENDITURES ANDCHANGES IN FUND BALANCE - BUDGET AND ACTUAL

GENERAL FUND

(See independent auditor's report.)- 32 -

Variance

Original and Over


REVENUES

Property taxes 100,000$ 103,679$ 3,679$ Investment income - 411 411

Total revenues 100,000 104,090 4,090

EXPENDITURES Current

Parks and recreationSalaries 1,420 2,568 1,148 Retirement - 184 184 Supplies and repairs

Repairs 5,000 7,866 2,866 Miscellaneous

Supplies - 58 58 Gateway assessments 35,000 34,872 (128)

Capital outlayAccessibility improvements 58,580 58,553 (27)

Total expenditures 100,000 104,101 4,101

EXCESS (DEFICIENCY) OF REVENUESOVER EXPENDITURES - (11) (11)


Transfers in - 1,380 1,380

Total other financing sources (uses) - 1,380 1,380

NET CHANGE IN FUND BALANCE -$ 1,369 1,369$

FUND BALANCE, MAY 1 1,428,152

FUND BALANCE, APRIL 30 1,429,521$




SPECIAL RECREATION FUNDCHANGES IN FUND BALANCE - BUDGET AND ACTUAL

SCHEDULE OF REVENUES, EXPENDITURES AND


2016

Actuarially determined contribution 46,692$

Contributions in relation to the actuarially determined contribution 46,692

CONTRIBUTION DEFICIENCY (Excess) -$

Covered-employee payroll 369,465$

Contributions as a percentage of covered-employee payroll 12.64%

Notes to Required Supplementary Information

The information presented was determined as part of the actuarial valuations as of December 31,2013 and 2014. Additional information as of the latest actuarial valuation presented is as follows:the actuarial cost method was entry-age normal; the amortization method was level percent of pay,closed and the amortization period was 10 years rolling; the asset valuation method was 5-yearsmoothed market; and the significant actuarial assumptions were an investment rate of return at7.5% annually, projected salary increases assumption of 4.4% to 16.0% compounded annually andpostretirement benefit increases of 3.0% compounded annually.



SCHEDULE OF EMPLOYER CONTRIBUTIONSILLINOIS MUNICIPAL RETIREMENT FUND

April 30, 2016


2016*

TOTAL PENSION LIABILITY

Service cost 39,010$ Interest 210,955 Changes of benefit terms - Differences between expected and actual experience 100,940 Changes of assumptions 8,766 Benefit payments, including refunds of member contributions (86,513)

Net change in total pension liability 273,158

Total pension liability - beginning 2,840,246

TOTAL PENSION LIABILITY - ENDING 3,113,404$

PLAN FIDUCIARY NET POSITION

Contributions - employer 45,222$ Contributions - member 16,626 Net investment income 12,937 Benefit payments, including refunds of member contributions (86,513) Other (22,717)

Net change in plan fiduciary net position (34,445)

Plan fiduciary net position - beginning 2,599,735

PLAN FIDUCIARY NET POSITION - ENDING 2,565,290$

EMPLOYER'S NET PENSION LIABILITY 548,114$

Plan fiduciary net position as a percentage of the total pension liability 82.40%

Covered-employee payroll 369,465$

Employer's net pension liability as a percentage of covered-employee payroll 148.35%

April 30, 2016

*IMRF's measurement date is December 31, 2015; therefore information above is presented for the calendaryear ended December 31, 2015.



SCHEDULE OF CHANGES IN THE EMPLOYER'S NET PENSION LIABILITY AND RELATED RATIOS

ILLINOIS MUNICIPAL RETIREMENT FUND


- 1 -



NOTES TO REQUIRED SUPPLEMENTARY INFORMATION

April 30, 2016

LEGAL COMPLIANCE AND ACCOUNTABILITY

Budgets are adopted on a basis consistent with generally accepted accounting principles. Annual appropriated budgets are adopted for the General, Debt Service and Special Revenue Funds. All annual appropriations lapse at fiscal year end. Budgetary Data The Board of Park Commissioners followed these procedures in establishing the budgetary data reflected in the financial statements: a. Prior to July 1, the Park District Treasurer and Director submits to the District Board of

Park Commissioners a proposed operating budget for the fiscal year commencing the preceding May 1. The operating budget includes proposed expenditures and the means of financing them.

b. Public meetings are conducted to obtain taxpayer comments. c. Prior to August 1 of the following year, the budget is legally enacted through the passage of

a Budget and Appropriation Ordinance. The Budget and Appropriation Ordinance prescribes the maximum amount to be disbursed for each of the District’s funds. The legal level of control is the fund. The appropriated budget is prepared by fund, function and department.

d. Amendments to the Budget and Appropriation Ordinance: The Park District Treasurer is authorized to transfer up to 10% of the total budget between

budget items within any fund; however, the District Board of Park Commissioners must approve revisions that alter the total expenditures of any fund.

e. Actual expenditures exceeded budgeted expenditures in the debt service fund by $195,707

and in the special recreation fund by $4,101.

- 36 -

COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES

MAJOR GOVERNMENTAL FUNDS



SCHEDULE OF EXPENDITURES - BUDGET AND ACTUALGENERAL FUND


Variance

Original and Over


PARKS AND RECREATION

Salaries and wagesManagers and supervisors 217,880$ 220,255$ 2,375$ Staff 291,760 306,233 14,473

Total salaries and wages 509,640 526,488 16,848

Contractual servicesInsurance 132,600 120,009 (12,591) Board expenditures 1,000 725 (275) Legal and professional services 61,800 43,281 (18,519) Legal notices and advertising 5,150 2,595 (2,555) Service contracts 80,250 93,615 13,365 Portable restrooms 6,000 8,529 2,529 Audit and accounting services 21,000 22,310 1,310 Bank charges 8,000 2,582 (5,418) Fire/burglar alarm 7,600 9,919 2,319 Fireworks 13,000 13,000 -

Total contractual services 336,400 316,565 (19,835)

Office expendituresSupplies 57,455 48,197 (9,258) Computer supplies 25,000 31,577 6,577 Postage 1,000 523 (477) Equipment lease and repair 16,600 10,928 (5,672)

Total office expenditures 100,055 91,225 (8,830)

Supplies and repairJanitorial 2,300 4,108 1,808 Miscellaneous grounds 12,000 14,230 2,230 Flowers/dirt/sand 16,100 9,194 (6,906) Ball mix/field paint 5,500 3,469 (2,031) Fertilizer/herbicide 7,500 7,334 (166) Playground equipment 4,500 2,365 (2,135) Gasoline fuel 12,000 6,931 (5,069) Repairs 38,000 41,131 3,131 Miscellaneous 14,200 13,677 (523)

Total supplies and repairs 112,100 102,439 (9,661)

(This schedule is continued on the following page.)- 37 -



SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued)GENERAL FUND


Variance

Original and Over


PARKS AND RECREATION (Continued)

UtilitiesElectric 15,800$ 16,365$ 565$ Heat 7,200 7,997 797 Water 26,470 24,317 (2,153) Telephone 7,100 7,807 707

Total utilities 56,570 56,486 (84)

MiscellaneousPrinting 2,500 1,612 (888) Communications 6,000 4,786 (1,214) Fees 5,100 4,942 (158) Employee expenditures 1,000 384 (616) Dues and subscriptions 7,500 7,608 108 Conferences and training 4,360 4,701 341 Uniforms 16,700 16,644 (56) Equipment rental 1,750 1,077 (673) Interest expense 50 - (50) Mileage reimbursements 2,400 2,237 (163)

Total miscellaneous 47,360 43,991 (3,369)

Program expendituresProgram expenditures 55,100 56,252 1,152

Total program expenditures 55,100 56,252 1,152

RetirementSocial Security 31,500 41,985 10,485 IMRF 45,750 46,508 758

Total retirement 77,250 88,493 11,243

Total parks and recreation 1,294,475 1,281,939 (12,536)

CAPITAL OUTLAY

Building improvement 250,000 6,913 (243,087) Vehicles 45,000 43,565 (1,435) Land improvement 150,000 - (150,000) Equipment 54,300 20,516 (33,784)

Total capital outlay 499,300 70,994 (428,306)

TOTAL EXPENDITURES 1,793,775$ 1,352,933$ (440,842)$


Variance

Original and Over


REVENUES

Property taxes 643,300$ 663,451$ 20,151$

Total revenues 643,300 663,451 20,151

EXPENDITURES Debt services

Principal 770,000 965,000 195,000 Interest and fiscal charges 222,000 222,706 706

Total expenditures 992,000 1,187,706 195,706

EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (348,700) (524,255) (175,555)


Bond proceeds 630,000 454,304 (175,696) Transfers in - 68,305 68,305

Total other financing sources (uses) 630,000 522,609 (107,391)

NET CHANGE IN FUND BALANCE 281,300$ (1,646) (282,946)$

FUND BALANCE, MAY 1 -

FUND BALANCE (DEFICIT), APRIL 30 (1,646)$




SCHEDULE OF REVENUES, EXPENDITURES ANDCHANGES IN FUND BALANCE - BUDGET AND ACTUAL

DEBT SERVICE FUND


NONMAJOR GOVERNMENTAL FUNDS

NONMAJOR GOVERNMENTAL FUND

Variance

Original and Over


REVENUES

Investment income 200$ -$ (200)$

Total revenues 200 - (200)

EXPENDITURES

Capital outlay 87,553 80,292 (7,261)

Total expenditures 87,553 80,292 (7,261)

NET CHANGE IN FUND BALANCE (87,353)$ (80,292) 7,061$

FUND BALANCE, MAY 1 86,873

FUND BALANCE, APRIL 30 6,581$



SCHEDULE OF REVENUES, EXPENDITURES AND

LAND/CASH DONATIONS FUND


CHANGES IN FUND BALANCE - BUDGET AND ACTUAL


SUPPLEMENTAL DATA

Tax Levy Year 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006

ASSESSED VALUATION 533,712,260$ 549,947,583$ 545,356,281$ 575,105,538$ 618,074,824$ 761,464,335$ 768,291,245$ 793,401,082$ 647,764,994$ 608,051,513$

RATES

Corporate 0.2683 0.2432 0.2395 0.2213 0.2070 0.1554 0.1479 0.1402 0.0586 0.0856Bond and interest 0.1268 0.1228 0.1211 0.1135 0.1030 0.0823 0.0755 0.0732 0.0896 0.0923I.M.R.F. 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0081 0.0020Auditing 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0038 0.0012Liability insurance 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0176 0.0052Recreation 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0619 0.0642Museum 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0006 0.0003Social Security 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0054 0.0009Handicapped 0.0187 0.0182 0.0307 0.0367 0.0320 0.0400 0.0400 0.0348 0.0379 0.0400

TOTAL DIRECT RATES 0.4138 0.3842 0.3913 0.3715 0.3420 0.2777 0.2634 0.2482 0.2835 0.2917

TAX EXTENSIONS

Corporate 1,362,567$ 1,337,472$ 1,306,128$ 1,272,708$ 1,236,149$ 1,183,315$ 1,136,302$ 1,112,677$ 379,590$ 520,790$ Bond and interest 676,988 675,451 660,265 652,536 636,576 626,532 580,430 580,430 580,430 561,531 I.M.R.F. - - - - - - - - 52,468 12,342 Auditing - - - - - - - - 24,615 7,150 Liability insurance - - - - - - - - 114,006 31,445 Recreation - - - - - - - - 400,966 390,591 Museum - - - - - - - - 3,886 1,533 Social Security - - - - - - - - 34,979 5,681 Handicapped 100,000 100,000 167,272 211,109 197,513 304,586 307,316 276,458 245,564 243,221

TOTAL EXTENSIONS 2,139,555$ 2,112,923$ 2,133,665$ 2,136,353$ 2,070,238$ 2,114,433$ 2,024,048$ 1,969,565$ 1,836,504$ 1,774,284$

COLLECTIONS 1,088,711$ 2,073,228$ 2,085,733$ 2,107,107$ 1,987,090$ 2,131,479$ 2,016,717$ 1,834,318$ 1,811,939$ 1,772,001$

PERCENTAGE OF

EXTENSIONS COLLECTED 50.88% 98.12% 97.75% 98.63% 95.98% 100.81% 99.64% 93.13% 98.66% 99.87%



TEN YEAR SUMMARY OF ASSESSED VALUATIONS, TAX RATES,

Last Ten Levy Years

EXTENSIONS AND COLLECTIONS




Interest ratesPrincipal payment date December 15Interest payment date December 15Payable from Debt Service Fund

FUTURE PRINCIPAL AND INTEREST REQUIREMENTS

Fiscal

Year

Payable Principal Interest Total

2017 370,000$ 171,550$ 541,550$ 2018 375,000 160,450 535,450 2019 400,000 149,200 549,200 2020 400,000 137,200 537,200 2021 425,000 121,200 546,200 2022 400,000 104,200 504,200 2023 410,000 88,200 498,200 2024 420,000 71,800 491,800 2025 440,000 55,000 495,000 2026 460,000 37,400 497,400 2027 475,000 19,000 494,000

4,575,000$ 1,115,200$ 5,690,200$

SCHEDULE OF LONG-TERM DEBT REQUIREMENTSGENERAL OBLIGATION ALTERNATE REVENUE SOURCE

REFUNDING PARK BONDS, SERIES 2014A

April 30, 2016

2% to 4%




Interest ratesPrincipal payment date December 15Interest payment date December 15Payable from Debt Service Fund


Fiscal

Year


2017 525,000$ 15,750$ 540,750$

525,000$ 15,750$ 540,750$

SCHEDULE OF LONG-TERM DEBT REQUIREMENTSGENERAL OBLIGATION ALTERNATE REVENUE SOURCE

REFUNDING PARK BONDS, SERIES 2014B

April 30, 2016

2% to 3%




Interest ratesPrincipal payment date December 1Interest payment date June 1 and December 1Payable from Debt Service Fund


Fiscal

Year


2017 90,000$ 14,000$ 104,000$ 2018 610,000 12,200 622,200

700,000$ 26,200$ 726,200$

SCHEDULE OF LONG-TERM DEBT REQUIREMENTSGENERAL OBLIGATION LIMITED BONDS, SERIES 2015

April 30, 2016

2%


ANNUAL FINANCIAL REPORT For the Year Ended · 2021. 2. 16. · Governmental Funds ... Expenditures...

Documents

Transcript of ANNUAL FINANCIAL REPORT For the Year Ended · 2021. 2. 16. · Governmental Funds ... Expenditures...